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Pensions Investment Review

The Pensions Investment Review, led by DWP, HM Treasury, and MHCLG, examines how to increase pension investment returns and improve pension adequacy, including State Pension reform and a broader pensions adequacy review. The government is establishing a Pensions Commission and reviewing State Pension age while considering how to ensure pensioners achieve a minimum dignified standard of living.

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Family: Consultations

2025

5 events
24 Jul 2025 | Government response linked

The pensions adequacy review should consult on objectives for the State Pension, taking account of adequacy, sustainability and fairness. Given that it is the core of the Government’s offer to pensioners, relied on by many pensioners on low incomes, a guiding principle should be that it provides the amount needed for a minimum, dignified, socially acceptable standard of living. The Government should set a strategy to reduce both the proportion of pensioners living below this level in future a...

The pensions adequacy review should consult on objectives for the State Pension, taking account of adequacy, sustainability and fairness. Given that it is the core of the Government’s offer to pensioners, relied on by many pensioners on low incomes, a …

▤ View document · ↗ GOV.UK
24 Jul 2025 | Government response linked

Once an objective for the State Pension relating to adequacy has been agreed, the Government should put in place a plan for getting everyone to that level. The first step should be to review those aspects of the state pension and benefits system that undermine its adequacy for some pensioners. (Recommendation, Paragraph 167)

Once an objective for the State Pension relating to adequacy has been agreed, the Government should put in place a plan for getting everyone to that level. The first step should be to review those aspects of the state pension …

▤ View document · ↗ GOV.UK
29 May 2025 | Consultation outcome Department for Work and Pensions HM Treasury linked

Unlocking the UK pensions market for growth — outcome published

This consultation sets out proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the Defined Contribution (DC) workplace pensions market and explores other changes.

▤ View document · ↗ GOV.UK · ↓ Pensions Investment Review: Unlocking the UK pe…
+2 more
↓ Pensions Investment Review: Unlocking the UK pensions marke… (37pp) ↓ Unlocking the UK pensions market for growth Consultation Re… (47pp)
16 Jan 2025 | Consultation outcome Department for Work and Pensions HM Treasury linked

Unlocking the UK pensions market for growth — consultation closed

This consultation sets out proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the Defined Contribution (DC) workplace pensions market and explores other changes.

▤ View document · ↗ GOV.UK · ↓ Pensions Investment Review: Unlocking the UK pe…
+2 more
↓ Pensions Investment Review: Unlocking the UK pensions marke… (37pp) ↓ Unlocking the UK pensions market for growth Consultation Re… (47pp)

2024

7 events
14 Nov 2024 | Consultation outcome Department for Work and Pensions HM Treasury linked

Unlocking the UK pensions market for growth — consultation opened

This consultation sets out proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the Defined Contribution (DC) workplace pensions market and explores other changes.

▤ View document · ↗ GOV.UK · ↓ Pensions Investment Review: Unlocking the UK pe…
+2 more
↓ Pensions Investment Review: Unlocking the UK pensions marke… (37pp) ↓ Unlocking the UK pensions market for growth Consultation Re… (47pp)
26 Mar 2024 | Government response linked

Plans for the new DB funding regime were forged in a different era when the vast majority of DB schemes were in deficit and amidst concern that employers were seeking to evade their responsibility to underfunded schemes. Despite significant changes since then—improved funding levels and what these mean for future policy—the fundamental principles underpinning the new regime are unchanged: schemes are expected to target a position of low dependency at the point of significant maturity. While w...

Plans for the new DB funding regime were forged in a different era when the vast majority of DB schemes were in deficit and amidst concern that employers were seeking to evade their responsibility to underfunded schemes. Despite significant changes …

▤ View document · ↗ GOV.UK
26 Mar 2024 | Government response linked

We remain to be convinced that the PPF underpin would be an effective incentive to trustees to consider increasing their investment risk. DWP and TPR should consider whether there are changes to the funding regime that could give trustees confidence to take appropriate investment risk. (Paragraph 74) 56 Defined benefit pension schemes

We remain to be convinced that the PPF underpin would be an effective incentive to trustees to consider increasing their investment risk. DWP and TPR should consider whether there are changes to the funding regime that could give trustees confidence …

▤ View document · ↗ GOV.UK
26 Mar 2024 | Government response linked

We welcome confirmation from TPR and Ministers that the interests of pension savers are paramount and that investment decisions are for trustees in line with their fiduciary duties to act in the best interest of scheme beneficiaries. The Government should continue to work with the industry to create an environment that supports investment in the UK economy.

We welcome confirmation from TPR and Ministers that the interests of pension savers are paramount and that investment decisions are for trustees in line with their fiduciary duties to act in the best interest of scheme beneficiaries. The Government should …

▤ View document · ↗ GOV.UK
29 Jan 2024 | Consultation outcome Department for Work and Pensions linked

Draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 — outcome published

This consultation seeks views on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023, and invites comments on proposals to amend the Occupational Pension Schemes (Scheme Funding) Regulations 2005 and details of the new requirement for …

▤ View document · ↗ GOV.UK · ↓ Consultation document: The draft Occupational P…
+5 more
↓ Consultation document: The draft Occupational Pension Schem… (35pp) ↓ Draft Occupational Pension Schemes (Funding and Investment … (13pp) ↓ Consultation impact assessment ↓ Consultation impact assessment (9pp) ↓ Government response: The draft Occupational Pension Schemes…

2023

1 event
30 Mar 2023 | Consultation outcome HM Treasury linked

Public service pensions: Consultation on the discount rate methodology — outcome published

This consultation seeks views on the methodology the Government uses to set the SCAPE discount rate.

▤ View document · ↗ GOV.UK · ↓ Consultation on the discount rate methodology (35pp)
+5 more
↓ Public Service Pensions: Consultation on the discount rate … (59pp) ↓ HMT to Government Actuary SCAPE methodology response letter (3pp) ↓ HMT to Governement Actuary SCAPE methodology response lette… (2pp) ↓ Government Actuary to HMT SCAPE methodology response letter (10pp) ↓ Government Actuary to HMT SCAPE methodology response letter… (4pp)

2022

5 events
18 Oct 2022 | Consultation outcome Department for Work and Pensions linked

Draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 — consultation closed

This consultation seeks views on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023, and invites comments on proposals to amend the Occupational Pension Schemes (Scheme Funding) Regulations 2005 and details of the new requirement for …

▤ View document · ↗ GOV.UK · ↓ Consultation document: The draft Occupational P…
+5 more
↓ Consultation document: The draft Occupational Pension Schem… (35pp) ↓ Draft Occupational Pension Schemes (Funding and Investment … (13pp) ↓ Consultation impact assessment ↓ Consultation impact assessment (9pp) ↓ Government response: The draft Occupational Pension Schemes…
26 Jul 2022 | Consultation outcome Department for Work and Pensions linked

Draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 — consultation opened

This consultation seeks views on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023, and invites comments on proposals to amend the Occupational Pension Schemes (Scheme Funding) Regulations 2005 and details of the new requirement for …

▤ View document · ↗ GOV.UK · ↓ Consultation document: The draft Occupational P…
+5 more
↓ Consultation document: The draft Occupational Pension Schem… (35pp) ↓ Draft Occupational Pension Schemes (Funding and Investment … (13pp) ↓ Consultation impact assessment ↓ Consultation impact assessment (9pp) ↓ Government response: The draft Occupational Pension Schemes…
6 Jun 2022 | Consultation outcome Department for Work and Pensions linked

Trustee oversight of investment consultants and fiduciary managers — outcome published

This consultation seeks views on the draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019.

▤ View document · ↗ GOV.UK · ↓ Consultation on delivering the Competition and …
+5 more
↓ The Occupational Pension Schemes (Governance and Registrati… (16pp) ↓ Impact assessment (consultation): The Occupational Pension … (18pp) ↓ Government response: Delivering the Competition and Markets… ↓ Impact assessment (final): The Occupational Pension Schemes… ↓ Impact assessment (final): The Occupational Pension Schemes… (23pp)
21 Feb 2022 | Consultation outcome Department for Work and Pensions linked

Guaranteed Minimum Pension Fixed Rate Revaluation — outcome published

Consultation on the Guaranteed Minimum Pension (GMP) Fixed Rate Revaluation.

▤ View document · ↗ GOV.UK · ↓ Guaranteed Minimum Pension Fixed Rate Revaluati…
+4 more
↓ Guaranteed Minimum Pension Fixed Rate Revaluation (7pp) ↓ Annex A: Government Actuary’s Department report: Fixed Rate… ↓ Annex A: Government Actuary’s Department report: Fixed Rate… (7pp) ↓ Government response: Guaranteed Minimum Pension Fixed Rate …

2021

9 events
18 Nov 2021 | Consultation outcome Department for Work and Pensions linked

Guaranteed Minimum Pension Fixed Rate Revaluation — consultation closed

Consultation on the Guaranteed Minimum Pension (GMP) Fixed Rate Revaluation.

▤ View document · ↗ GOV.UK · ↓ Guaranteed Minimum Pension Fixed Rate Revaluati…
+4 more
↓ Guaranteed Minimum Pension Fixed Rate Revaluation (7pp) ↓ Annex A: Government Actuary’s Department report: Fixed Rate… ↓ Annex A: Government Actuary’s Department report: Fixed Rate… (7pp) ↓ Government response: Guaranteed Minimum Pension Fixed Rate …
23 Sep 2021 | Consultation outcome Department for Work and Pensions linked

Guaranteed Minimum Pension Fixed Rate Revaluation — consultation opened

Consultation on the Guaranteed Minimum Pension (GMP) Fixed Rate Revaluation.

▤ View document · ↗ GOV.UK · ↓ Guaranteed Minimum Pension Fixed Rate Revaluati…
+4 more
↓ Guaranteed Minimum Pension Fixed Rate Revaluation (7pp) ↓ Annex A: Government Actuary’s Department report: Fixed Rate… ↓ Annex A: Government Actuary’s Department report: Fixed Rate… (7pp) ↓ Government response: Guaranteed Minimum Pension Fixed Rate …
19 Aug 2021 | Consultation outcome HM Treasury linked

Public service pensions: Consultation on the discount rate methodology — consultation closed

This consultation seeks views on the methodology the Government uses to set the SCAPE discount rate.

▤ View document · ↗ GOV.UK · ↓ Consultation on the discount rate methodology (35pp)
+5 more
↓ Public Service Pensions: Consultation on the discount rate … (59pp) ↓ HMT to Government Actuary SCAPE methodology response letter (3pp) ↓ HMT to Governement Actuary SCAPE methodology response lette… (2pp) ↓ Government Actuary to HMT SCAPE methodology response letter (10pp) ↓ Government Actuary to HMT SCAPE methodology response letter… (4pp)
19 Jul 2021 | Consultation outcome HM Treasury linked

Public service pension schemes consultation: changes to the transitional arrangements to the 2015 schemes — outcome published

This consultation seeks views on proposals relating to the 2015 public service pension scheme reforms.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions Consultation (74pp)
+7 more
↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions EIA (38pp) ↓ Update on the Cost Control Element of the 2016 Valuations (2pp) ↓ Public Service Pensions: Government response to consultation (72pp) ↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions: EqIA (53pp) ↓ Update on the 2016 and 2020 Valuations
24 Jun 2021 | Consultation outcome HM Treasury linked

Public service pensions: Consultation on the discount rate methodology — consultation opened

This consultation seeks views on the methodology the Government uses to set the SCAPE discount rate.

▤ View document · ↗ GOV.UK · ↓ Consultation on the discount rate methodology (35pp)
+5 more
↓ Public Service Pensions: Consultation on the discount rate … (59pp) ↓ HMT to Government Actuary SCAPE methodology response letter (3pp) ↓ HMT to Governement Actuary SCAPE methodology response lette… (2pp) ↓ Government Actuary to HMT SCAPE methodology response letter (10pp) ↓ Government Actuary to HMT SCAPE methodology response letter… (4pp)
23 Mar 2021 | Consultation outcome HM Treasury linked

Public Service Pensions: Guaranteed Minimum Pension Indexation consultation — outcome published

Seeks views on how the government proposes to continue to meet past commitments to public servants regarding the full indexation of public service pensions, including any GMP element.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions: GMP indexation consult… (37pp)
+1 more
↓ Guaranteed Minimum Pension indexation consultation outcome (32pp)

2020

4 events
30 Dec 2020 | Consultation outcome HM Treasury linked

Public Service Pensions: Guaranteed Minimum Pension Indexation consultation — consultation closed

Seeks views on how the government proposes to continue to meet past commitments to public servants regarding the full indexation of public service pensions, including any GMP element.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions: GMP indexation consult… (37pp)
+1 more
↓ Guaranteed Minimum Pension indexation consultation outcome (32pp)
12 Oct 2020 | Consultation outcome HM Treasury linked

Public service pension schemes consultation: changes to the transitional arrangements to the 2015 schemes — consultation closed

This consultation seeks views on proposals relating to the 2015 public service pension scheme reforms.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions Consultation (74pp)
+7 more
↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions EIA (38pp) ↓ Update on the Cost Control Element of the 2016 Valuations (2pp) ↓ Public Service Pensions: Government response to consultation (72pp) ↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions: EqIA (53pp) ↓ Update on the 2016 and 2020 Valuations
7 Oct 2020 | Consultation outcome HM Treasury linked

Public Service Pensions: Guaranteed Minimum Pension Indexation consultation — consultation opened

Seeks views on how the government proposes to continue to meet past commitments to public servants regarding the full indexation of public service pensions, including any GMP element.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions: GMP indexation consult… (37pp)
+1 more
↓ Guaranteed Minimum Pension indexation consultation outcome (32pp)
16 Jul 2020 | Consultation outcome HM Treasury linked

Public service pension schemes consultation: changes to the transitional arrangements to the 2015 schemes — consultation opened

This consultation seeks views on proposals relating to the 2015 public service pension scheme reforms.

▤ View document · ↗ GOV.UK · ↓ Public Service Pensions Consultation (74pp)
+7 more
↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions EIA (38pp) ↓ Update on the Cost Control Element of the 2016 Valuations (2pp) ↓ Public Service Pensions: Government response to consultation (72pp) ↓ Public Service Pensions leaflet (3pp) ↓ Public Service Pensions: EqIA (53pp) ↓ Update on the 2016 and 2020 Valuations

2019

3 events
2 Sep 2019 | Consultation outcome Department for Work and Pensions linked

Trustee oversight of investment consultants and fiduciary managers — consultation closed

This consultation seeks views on the draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019.

▤ View document · ↗ GOV.UK · ↓ Consultation on delivering the Competition and …
+5 more
↓ The Occupational Pension Schemes (Governance and Registrati… (16pp) ↓ Impact assessment (consultation): The Occupational Pension … (18pp) ↓ Government response: Delivering the Competition and Markets… ↓ Impact assessment (final): The Occupational Pension Schemes… ↓ Impact assessment (final): The Occupational Pension Schemes… (23pp)
13 Aug 2019 | Consultation outcome Department for Work and Pensions linked

Pension trustees: clarifying and strengthening investment duties — outcome published

This consultation seeks views on the draft Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018.

▤ View document · ↗ GOV.UK · ↓ Consultation on clarifying and strengthening tr… (37pp)
+10 more
↓ Draft regulations: The Occupational Pension Schemes (Invest… (4pp) ↓ Draft guidance: Cost, charge and related information report… (14pp) ↓ Impact assessment: Clarifying and strengthening trustees’ i… (21pp) ↓ Government response: Clarifying and strengthening trustees’… (58pp) ↓ 100 Group to BT Pension Scheme Trustees ↓ Cardano to Hymans Robertson LLP ↓ Implementation Taskforce to Law Debenture Pension Trustees ↓ Legal & General Investment Management to NOW Pensions ↓ OneSource to SRI Services ↓ Tesco to Zurich
29 Jul 2019 | Consultation outcome Department for Work and Pensions linked

Trustee oversight of investment consultants and fiduciary managers — consultation opened

This consultation seeks views on the draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019.

▤ View document · ↗ GOV.UK · ↓ Consultation on delivering the Competition and …
+5 more
↓ The Occupational Pension Schemes (Governance and Registrati… (16pp) ↓ Impact assessment (consultation): The Occupational Pension … (18pp) ↓ Government response: Delivering the Competition and Markets… ↓ Impact assessment (final): The Occupational Pension Schemes… ↓ Impact assessment (final): The Occupational Pension Schemes… (23pp)

2018

7 events
29 Oct 2018 | Consultation outcome HM Treasury linked

Ban on cold calling in relation to pensions — outcome published

Seeking technical views on draft regulations to ban pensions cold calling.

▤ View document · ↗ GOV.UK · ↓ Ban on cold calling in relation to pensions: co…
+3 more
↓ Ban on cold calling in relation to pensions: consultation a… (4pp) ↓ Privacy notice for consultation on the ban on cold calling … ↓ Regulations to ban pensions cold calling: consultation resp… (36pp)
17 Aug 2018 | Consultation outcome HM Treasury linked

Ban on cold calling in relation to pensions — consultation closed

Seeking technical views on draft regulations to ban pensions cold calling.

▤ View document · ↗ GOV.UK · ↓ Ban on cold calling in relation to pensions: co…
+3 more
↓ Ban on cold calling in relation to pensions: consultation a… (4pp) ↓ Privacy notice for consultation on the ban on cold calling … ↓ Regulations to ban pensions cold calling: consultation resp… (36pp)
20 Jul 2018 | Consultation outcome HM Treasury linked

Ban on cold calling in relation to pensions — consultation opened

Seeking technical views on draft regulations to ban pensions cold calling.

▤ View document · ↗ GOV.UK · ↓ Ban on cold calling in relation to pensions: co…
+3 more
↓ Ban on cold calling in relation to pensions: consultation a… (4pp) ↓ Privacy notice for consultation on the ban on cold calling … ↓ Regulations to ban pensions cold calling: consultation resp… (36pp)
16 Jul 2018 | Consultation outcome Department for Work and Pensions linked

Pension trustees: clarifying and strengthening investment duties — consultation closed

This consultation seeks views on the draft Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018.

▤ View document · ↗ GOV.UK · ↓ Consultation on clarifying and strengthening tr… (37pp)
+10 more
↓ Draft regulations: The Occupational Pension Schemes (Invest… (4pp) ↓ Draft guidance: Cost, charge and related information report… (14pp) ↓ Impact assessment: Clarifying and strengthening trustees’ i… (21pp) ↓ Government response: Clarifying and strengthening trustees’… (58pp) ↓ 100 Group to BT Pension Scheme Trustees ↓ Cardano to Hymans Robertson LLP ↓ Implementation Taskforce to Law Debenture Pension Trustees ↓ Legal & General Investment Management to NOW Pensions ↓ OneSource to SRI Services ↓ Tesco to Zurich
18 Jun 2018 | Consultation outcome Department for Work and Pensions linked

Pension trustees: clarifying and strengthening investment duties — consultation opened

This consultation seeks views on the draft Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2018.

▤ View document · ↗ GOV.UK · ↓ Consultation on clarifying and strengthening tr… (37pp)
+10 more
↓ Draft regulations: The Occupational Pension Schemes (Invest… (4pp) ↓ Draft guidance: Cost, charge and related information report… (14pp) ↓ Impact assessment: Clarifying and strengthening trustees’ i… (21pp) ↓ Government response: Clarifying and strengthening trustees’… (58pp) ↓ 100 Group to BT Pension Scheme Trustees ↓ Cardano to Hymans Robertson LLP ↓ Implementation Taskforce to Law Debenture Pension Trustees ↓ Legal & General Investment Management to NOW Pensions ↓ OneSource to SRI Services ↓ Tesco to Zurich

2017

4 events
8 Feb 2017 | Consultation outcome HM Treasury linked

Introducing a Pensions Advice Allowance — outcome published

This consultation seeks views on the government’s plans to allow people to use £500 tax free from their defined contribution pension pot to pay for retirement advice. This was recommended by the Financial Advice Market Review.

▤ View document · ↗ GOV.UK · ↓ Introducing a Pensions Advice Allowance: consul…
+1 more
↓ Introducing a Pensions Advice Allowance: response to the co… (24pp)

2016

6 events
26 Oct 2016 | Consultation outcome HM Treasury linked

Introducing a Pensions Advice Allowance — consultation closed

This consultation seeks views on the government’s plans to allow people to use £500 tax free from their defined contribution pension pot to pay for retirement advice. This was recommended by the Financial Advice Market Review.

▤ View document · ↗ GOV.UK · ↓ Introducing a Pensions Advice Allowance: consul…
+1 more
↓ Introducing a Pensions Advice Allowance: response to the co… (24pp)
30 Aug 2016 | Consultation outcome HM Treasury linked

Introducing a Pensions Advice Allowance — consultation opened

This consultation seeks views on the government’s plans to allow people to use £500 tax free from their defined contribution pension pot to pay for retirement advice. This was recommended by the Financial Advice Market Review.

▤ View document · ↗ GOV.UK · ↓ Introducing a Pensions Advice Allowance: consul…
+1 more
↓ Introducing a Pensions Advice Allowance: response to the co… (24pp)

2015

4 events
17 Feb 2015 | Consultation outcome Department for Business, Innovation & Skills HM Treasury linked

Banking reform: draft pensions regulations — outcome published

Seeking views on the draft Banking Reform Pensions Regulations.

▤ View document · ↗ GOV.UK · ↓ Banking reform: draft pensions regulations
+3 more
↓ Draft statutory instruments: banking reform pensions regula… (6pp) ↓ Impact assessment for draft pensions regulations (35pp) ↓ Banking reform: response to the consultation on draft pensi… (20pp)

2014

2 events
16 Oct 2014 | Consultation outcome Department for Business, Innovation & Skills HM Treasury linked

Banking reform: draft pensions regulations — consultation closed

Seeking views on the draft Banking Reform Pensions Regulations.

▤ View document · ↗ GOV.UK · ↓ Banking reform: draft pensions regulations
+3 more
↓ Draft statutory instruments: banking reform pensions regula… (6pp) ↓ Impact assessment for draft pensions regulations (35pp) ↓ Banking reform: response to the consultation on draft pensi… (20pp)
24 Jul 2014 | Consultation outcome Department for Business, Innovation & Skills HM Treasury linked

Banking reform: draft pensions regulations — consultation opened

Seeking views on the draft Banking Reform Pensions Regulations.

▤ View document · ↗ GOV.UK · ↓ Banking reform: draft pensions regulations
+3 more
↓ Draft statutory instruments: banking reform pensions regula… (6pp) ↓ Impact assessment for draft pensions regulations (35pp) ↓ Banking reform: response to the consultation on draft pensi… (20pp)